The Portfolio invests primarily in equity
securities, principally common stocks, of non-US companies whose principal activities are located in
emerging market countries (also known as “developing markets”). Emerging market countries
include all countries represented by the MSCI Emerging Markets Index, which currently includes: Brazil,
Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia,
Mexico, Peru, Philippines, Poland, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United
Arab Emirates. The Investment Manager employs a relative growth investment philosophy that is
based on value creation through the process of bottom-up stock selection. The Investment Manager’s
approach consists of an analytical framework, accounting validation, fundamental analysis and portfolio
construction parameters. The Investment Manager’s selection process focuses on growth and considers
the sustainability of growth and the trade off between valuation and growth. Implementation of the Portfolio’s
investment strategy may, during certain periods, result in the investment of a significant portion of
the Portfolio’s assets in a particular market sector and/or a particular country. Under normal circumstances,
the Portfolio invests at least 80% of its assets in equity securities of companies whose principal business
activities are located in emerging market countries. In addition to common stocks, such equity securities
also may include American Depositary Receipts (“ADRs”), Global Depositary Receipts and European
Depositary Receipts.
|
Risk Table - Lazard Retirement Developing Markets Equity Portfolio
|
Risk [Text Block] |
| Risk Lose Money [Member] |
The value of your investment in the Portfolio
will fluctuate, which means you could lose money.
|
| Market Risk |
Market Risk: The Portfolio
may incur losses due to declines in one or more markets in which it invests. These declines may be the
result of, among other things, political, regulatory, market, economic or social developments affecting
the relevant market(s). To the extent that such developments impact specific industries, market sectors,
countries or geographic regions, the Portfolio’s investments in such industries, market sectors,
countries and/or geographic regions can be expected to be particularly affected, especially if such investments
are a significant portion of its investment portfolio. In addition, turbulence in financial markets and
reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which
could adversely affect the Portfolio. Global economies and financial markets are increasingly interconnected,
and conditions and events in one country, region or financial market may adversely impact issuers worldwide.
As a result, local, regional or global events such as war or military conflict, acts of terrorism, the
spread of infectious illness or other public health issues, social unrest, supply chain disruptions,
government defaults, government shutdowns, the imposition of sanctions and other similar measures, recessions
or other events could have a significant negative impact on global economic and market conditions. For
example, a public health or other emergency and aggressive responses taken by many governments or voluntarily
imposed by private parties, including closing borders, restricting travel and imposing prolonged quarantines
or similar restrictions, as well as the closure of, or operational changes to, many retail and other
businesses, may have severe negative impacts on markets worldwide. Additionally, general market conditions
may affect the value of a Portfolio’s securities, including changes in interest rates, currency
rates or monetary policies.
|
| Issuer Risk |
Issuer Risk: The value of a security may decline for
a number of reasons which directly relate to the issuer, such as management performance, financial leverage
and reduced demand for the issuer’s goods or services, as well as the historical and prospective
earnings of the issuer and the value of its assets or factors unrelated to the issuer’s value,
such as investor perception.
|
| Non-US Securities Risk |
Non-US Securities Risk: The Portfolio’s
performance will be influenced by political, social and economic factors affecting the non-US countries
and companies in which the Portfolio invests. Non-US securities carry special risks, such as less developed
or less efficient trading markets, political instability, a lack of company information, differing
auditing and legal standards, and, potentially, less liquidity. Non-US securities may be subject to economic
sanctions or other similar governmental actions or developments, which could, among other things, effectively
restrict or eliminate the Portfolio’s ability to purchase or sell certain foreign securities. To
the extent the Portfolio holds securities subject to such actions, the securities may become difficult
to value and/or less liquid (or illiquid). In some cases, the securities may become worthless.
|
| Emerging Market Risk |
Emerging
Market Risk: Emerging market countries generally have economic structures that are less diverse
and mature, and political systems that are less stable, than those of developed countries. The economies
of countries with emerging markets may be based predominantly on only a few industries, may be highly
vulnerable to changes in local or global trade conditions, and may suffer from extreme debt burdens or
volatile inflation rates. The securities markets of emerging market countries have historically been
extremely volatile and less liquid than more developed markets. These market conditions may continue
or worsen. Investments in these countries may be subject to political, economic, legal, market and currency
risks. Significant devaluation of emerging market currencies against the US dollar may occur subsequent
to acquisition of investments denominated in emerging market currencies.
|
| Foreign Currency Risk |
Foreign Currency
Risk: Investments denominated in currencies other than US dollars may experience a
decline in value, in US dollar terms, due solely to fluctuations in currency exchange rates. The Portfolio’s
investments denominated in such currencies (particularly currencies of emerging markets countries), as
well as any investments in currencies themselves, could be adversely affected by delays in, or a refusal
to grant, repatriation of funds or conversion of currencies. Irrespective of any foreign currency exposure
hedging, the Portfolio may experience a decline in the value of its portfolio securities, in US dollar
terms, due solely to fluctuations in currency exchange rates. The Investment Manager does not intend
to actively hedge the Portfolio’s foreign currency exposure.
|
| Depositary Receipts Risk |
Depositary Receipts
Risk: ADRs and similar depositary receipts typically will be subject to certain of
the risks associated with direct investments in the securities of non-US companies, because their values
depend on the performance of the underlying non-US securities. However, currency fluctuations will impact
investments in depositary receipts differently than direct investments in non-US dollar-denominated non-US
securities, because a depositary receipt will not appreciate in value solely as a result of appreciation
in the currency in which the underlying non-US dollar security is denominated.
|
| Small and Mid Cap Companies Risk |
Small and Mid Cap
Companies Risk: Small and mid cap companies carry additional risks because their earnings tend
to be less predictable, their share prices more volatile and their securities less liquid than larger,
more established companies. The shares of small and mid cap companies tend to trade less frequently than
those of larger companies, which can have an adverse effect on the pricing of these securities and on
the ability to sell these securities when the Investment Manager deems it appropriate.
|
| Large Cap Companies Risk |
Large Cap Companies
Risk: Investments in large cap companies may underperform other segments of the market
when such other segments are in favor or because such companies may be less responsive to competitive
challenges and opportunities and may be unable to attain high growth rates during periods of economic
expansion.
|
| Growth Investing Risk |
Growth Investing Risk: Growth investments are believed by the
Investment Manager to have the potential for growth, but may not realize such perceived potential for
extended periods of time or may never realize such perceived growth potential. Such securities may be
more volatile than other securities because they can be more sensitive to investor perceptions of the
issuing company’s growth potential. These securities may respond differently to market and other
developments than other types of securities.
|
| Country Risk |
Country Risk: Implementation
of the Portfolio’s investment strategy may, during certain periods, result in the investment of
a significant portion of the Portfolio’s assets in a particular country, such as China, and the
Portfolio would be expected to be affected by political, regulatory, market, economic and social developments
affecting that
country. Recent developments in relations between the United States and China have heightened concerns
of increased tariffs and restrictions on trade between the two countries. It is unclear whether further
tariffs and sanctions may be imposed or other escalating actions may be taken in the future, which could
negatively affect the Portfolio. Other risks associated with investments in China
include exposure to currency fluctuations, less liquidity, expropriation, confiscatory taxation, nationalization,
exchange control regulations (including currency blockage), trading halts, limitations on repatriation
and differing legal standards. The Portfolio may obtain exposure to companies based or operated
in China by investing through legal structures known as variable interest entities (“VIEs”).
Instead of directly owning the equity securities of a Chinese company, a VIE enters into service and
other contracts with the Chinese company. Although the VIE has no equity ownership of the Chinese company,
the contractual arrangements permit the VIE to consolidate the Chinese company into its financial statements.
VIE investments are subject to the risk that any breach of these contractual arrangements will be subject
to Chinese law and jurisdiction, that Chinese law may be interpreted or change in a way that affects
the enforceability of the VIE’s arrangements, or that contracts between the Chinese company and
the VIE may otherwise not be enforceable under Chinese law. VIE structures also could face delisting
or other ramifications for failure to meet the requirements of the Securities and Exchange Commission,
the Public Company Accounting Oversight Board or other United States regulators. If these risks materialize,
the value of investments in VIEs could be adversely affected and the Portfolios could incur significant
losses with no recourse available. The Portfolio may invest in eligible renminbi-denominated
class A shares of equity securities that are listed and traded on certain Chinese stock exchanges (“China
A-Shares”) through Hong Kong Stock Connect Program (“Stock Connect”). While Stock Connect
is not subject to individual investment quotas, daily and aggregate investment quotas apply to all Stock
Connect participants, which may restrict or preclude the Portfolio’s ability to invest in China
A-Shares (although the Portfolio would be permitted to sell China A-Shares regardless of the quota balance).
Stock Connect is also subject to trading, clearance, settlement and operational risks.
|
| Securities Selection Risk |
Securities Selection
Risk: Securities and other investments selected by the Investment Manager for the Portfolio
may not perform to expectations. This could result in the Portfolio’s underperformance compared
to other funds with similar investment objectives or strategies.
|
|